MicroStrategy Passed Over Again for S&P 500 Despite Meeting Rules

The S&P 500 committee has picked SanDisk over MicroStrategy once more, leaving the market’s biggest corporate Bitcoin holder outside the benchmark again. At the same time, MSTR closed November down 34 percent, locking in a fifth straight monthly loss as traders debate whether its Bitcoin-heavy profile is now a barrier to index inclusion.

S&P 500 Skips MicroStrategy Again As SanDisk Wins Index Slot

The S&P 500 index committee has chosen SanDisk for its latest addition, leaving MicroStrategy’s MSTR outside the benchmark again even though it meets the standard eligibility rules on market cap, liquidity, profitability and U.S. listing.

Earlier updates from S&P Dow Jones Indices showed the committee reviewing candidates for the slot and ultimately selecting SanDisk to replace Interpublic Group. MicroStrategy, which has recently satisfied the “mechanical” requirements for inclusion, was not named in the announcement and therefore stays in the mid-cap universe for now.

At the same time, MicroStrategy remains the most prominent public company tied to Bitcoin. The firm has accumulated a multibillion-dollar BTC position on its balance sheet since 2020, and its share price now tends to move more like a leveraged Bitcoin proxy than a traditional software stock. Because of that, traders see MSTR as the clearest equity play on Bitcoin exposure in U.S. markets.

Meanwhile, critics argue that this profile may be exactly why the committee is hesitant. In a post on X, crypto commentator CryptosRus said the decision “isn’t about fundamentals” and claimed the S&P “doesn’t want a Bitcoin-heavy company inside their benchmark yet,” despite MSTR checking the usual boxes on size and liquidity. He framed the move as another cycle of delay rather than a question of basic eligibility.

However, the index provider does not explain individual rejections and only publishes the names of companies it adds or removes. Officially, the record shows SanDisk going into the S&P 500 and MicroStrategy staying out, while the reasons remain at the committee’s discretion. For now, that keeps the leading Bitcoin-treasury stock just outside the flagship U.S. equity benchmark, even as its role as a BTC proxy grows.

MicroStrategy Slides 34 Percent In November, Marks Fifth Straight Monthly Loss

MicroStrategy’s MSTR shares ended November down 34 percent, according to a monthly performance table shared by analyst Mark Harvey on X. The chart shows the stock logging its fifth consecutive monthly decline, extending a losing streak that began in July 2025.

At the same time, the heatmap highlights how sharp the move was relative to past years. While November has often delivered double-digit gains for MSTR, this year’s print sits deep in negative territory and follows earlier drawdowns in September and October.

Harvey wrote that November “felt like capitulation/bottom” and added “Higher,” signaling his personal view that the selloff may have exhausted many sellers. His comment frames the move as a potential turning point after months of pressure, even as the latest data still record a 34 percent drop for the month and five red candles in a row.